The Aussie depreciated significantly against the American counterpart, as the Australian Bureau of Statistics report showed that the country’s economy recorded a strong GDP growth in the Q2. Following the data release, the AUD/USD currency pair fell 0.37% or 30 base points to continue trading session below the 0.8000 level.
The Australian GDP rose 0.8% in the June quarter, in line with analysts’ estimates. The solid increase is likely to exaggerate expectations for the strong growth trend in the future, as there was a weak 0.3% gain in the prior quarter. The further expansion of the Australian economy is set to be encouraged by higher household consumption, while the weakening property market could still poses significant risks.
